Junior Cash ISA

A long-term, tax-free savings account. A great way for under 18s to lock some savings away.

At a glance

Summary of basic information about the Junior Cash ISA

Who this ISA is for

How it works

How to open the ISA

Who this ISA is for

It's great for children who are happy to have their savings put away until they reach 18.

The child must be resident in the UK and must not already have a Junior Cash ISA.

They can't have both a Child Trust Fund and a Junior Cash ISA. If they have a Child Trust Fund and want this account, they would need to transfer the Child Trust Fund to a Junior Cash ISA in a branch.

How it works

  • Get 2.50% tax free/AER variable interest.
  • You can manage the account and view it's balance in branch.
  • Save up to £4,368 this tax year. This is the limit across all of the child's ISAs for the tax year.
  • Payments are gifts to the child and can’t be returned.
  • The child can't take money out until they turn 18. It can only be closed early in special circumstances which you can see in the conditions (PDF).

How to open the ISA

  • If you’re 16 or 17 you can open this account yourself online or in branch.
  • You can open the account for a child under 16 if you are 16 or over, resident in the UK and have parental responsibility for the them. You can open the account online if you live at the same address as them. If you don’t, you can apply in branch.
  • Open with just £1.
  • You can transfer a Junior ISA or Child Trust Fund in branch.

Summary Box - Junior Cash ISA

1. What is the interest rate?

It’s a variable rate, as shown in the table below.

What is the interest rate?

Your balance

Tax free

AER 

Your balance

£1+

Tax free

2.50%

AER 

2.50%

It's a variable interest rate. It will be paid after each year on 31 March.

2. Can Bank of Scotland change the interest rate?

Yes.

As this account pays a variable rate of interest it can change over time. We’ll always let you know of any planned changes to the rate. Our conditions (PDF) explain when and how we do this. For example we might review the interest rate if the Bank of England base rate changes.

3. What might the future balance be?

Below is an example of what the future balance might be, after interest has been paid:

What might the future balance be?

Initial Deposit

Tax free rate

Balance after 12 months

Initial Deposit

£1000.00

Tax free rate

2.50%

Balance after 12 months

£1025.00

This example assumes that:

  • You don’t withdraw any money
  • The interest rate stays the same
  • You make your first deposit payment on the day you open the account.
  • No more money is added.

4. How do I open and manage my account?

Who this account is for

  • Children under 18 who are resident in the UK.
  • They must not already have a Junior Cash ISA, as they can only hold one. They also can't open one if they have a Child Trust Fund, unless they transfer it to a Junior Cash ISA in branch.
  • They need to be happy for their savings to be locked away until they turn 18.

Opening this account for a child under 16

  • You must be 16 or over, resident in the UK, and have parental responsibility for the child.
  • If you live at the same address as the child, you can open the account online. If not, you can apply in branch.
  • You can transfer a junior ISA to this account in branch.
  • You can open this account from £1.

Opening this account if you’re aged 16 - 17

  • You can open an account for yourself online or in branch. You need to be resident in the UK and have a national insurance number.
  • You can transfer a junior ISA to this account in branch.
  • You can open this account from £1.

Managing this account

  • ISAs for children have a limit this tax year of £4,368 for new contributions in a tax year. This can be paid into a Junior Cash ISA, a Junior Stocks and Shares ISA, or any combination of the two.
  • You can manage the account and view it's balance in branch.

5. Can I withdraw money?

No

You can't take money out until the child turns 18.

You can't close it early, except in special circumstances which you can see in the conditions (PDF).

When the child reaches 18 the account matures to an adult cash ISA where they can continue to save tax free.

6. Additional information

Savings terms explained

Tax free means you will not pay income tax on your interest.

AER stands for Annual Equivalent Rate. Whenever you see an advert for a savings account which shows an interest rate, you will see the AER. This means you can use the AER to compare accounts. It shows what the interest rate would be if your interest was paid and compounded once each year. 

For more definitions, view our savings glossary.

 

Open a Junior Cash ISA

Please read the summary box before applying.

  • To set up an account online you’ll need to be 16 or over and resident in the UK.
  • You may be asked to visit branch with ID.
  • You cannot have a Child Trust Fund and a Junior Cash ISA. If the child has a Child Trust Fund already, they can visit branch to transfer it to a Junior Cash ISA.
  • You should read the summary box and the conditions (PDF) before you apply.

Open for a child under 16

 

If the child doesn't live at your address, please visit branch to open the account.

 

Open for yourself if you're 16 or 17

Your money is protected by the FSCS

The Financial Services Compensation Scheme (FSCS) protects your money.

FSCS logo

About our rates

Our interest rates can change. They were last updated 0.00am on 04/09/2018 .

For a definition of AER, gross and other terms, view our savings glossary.